Clive Palmer slapped with first criminal charge

Clive Palmer says criminal charges brought against him by the corporate watchdog are baseless, politically motivated and will fail.

The Australian Securities and Investments Commission has charged the former federal politician with one count of aid, abet, counsel or procure the commission of an offence by another person.

It relates to the unfulfilled 2012 proposal to buy shares of another company that owned properties at his troubled Coolum resort.

Clive Palmer. (AAP) ()

Under corporations law he was required to make an offer within two months of announcing his intentions but failed to do so, ASIC said on Friday.

Palmer Leisure Coolum Pty Ltd has also been charged with proposing or announcing a bid then failing to make an offer within two months.

"The charges carry a maximum penalty of two years imprisonment and fine of $11,000 for an individual and fines of $55,000 in respect of a corporation," ASIC said.

During a brief mention in Brisbane Magistrates Court on Friday, for which Palmer did not appear, his lawyer Christopher Wilson said they would argue there was no case to answer when the matter goes to a hearing in June.